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Putin expands on Russia's economic structure

Putin also believes that Russia needs 'a breakthrough'

© Sergei Fadeichev/TASS

MOSCOW, December 20. /TASS/. Russian President Vladimir Putin expects that the national government can support the economic growth rate above 3% after 2021.

"The government intends [to support GDP growth by 3% - TASS] from 2021 and higher later on. Therefore, I expect that we will be to do that. Certainly, some fluctuations are possible. Most importantly, we should join a different economic league, and not merely in terms of volumes. Taking the fifth place by volumes is well within reach for us," the president said at his annual news conference.

Russian government to allocate $20.4 bln in coming years to support domestic industry, Putin added.

Economic structure

Vladimir Putin believes that changes in the country’s economic structure, innovations, commitment to implementation of national projects will trigger GDP growth rates.

"It is hardly possible to ensure GDP growth rates required for a breakthrough unless the economic structure is changed. Currently, that is the target of national projects, with huge funds to be earmarked to change the structure, make it innovation-based. That is what the government expects. If that happens growth rates will rise, and other development prospects will appear," he said at his annual news conference on Thursday.

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Vladimir Putin's annual news conference

The Russian government will allocate 1.376 trillion rubles ($20.4 bln) in the coming years to support the domestic industries, President Vladimir Putin at his annual news conference.

"We have outlined a number of programs related to the support of specific industries. In general, by 2024 it will total 1.376 trillion rubles," Putin said.

The Russian government will allocate $20.4 bln in the coming years to support the domestic industries:

"We have outlined a number of programs related to the support of specific industries. In general, by 2024 it will total 1.376 trillion rubles," Putin said.

National projects

Russia needs national projects for a breakthrough to a new technological paradigm. 20.8 trillion rubles ($308.2 bln) are allocated for national projects and $96.5 bln are earmarked for development of the infrastructure, the Russian leader said.

"I have already stated it many times. I want to say again we need a breakthrough; we should jump to a new technological paradigm. The nation has no future without it. This is a fundamental issue; we should understand this," Putin said.

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Implementation of risk scenario for Russia’s economy unlikely — Russian Central Bank

"20.8 trillion rubles ($308.2 bln) are planned for national projects alone. 6.5 trillion rubles ($96.5 bln) are in a separate fund for development of the infrastructure. Certainly, they should be concentrated on certain breakthrough documents. These development plans may have any names. Nevertheless, these were named "national projects." In any case, they are clearly set goals. It is impossible to reach the deliverable without setting the goal, irrespective of ‘envelopes’ to wrap these goals. That’s why twelve national projects were created, along with the infrastructure development plan," the President added.

Putin reminded of areas for development of national projects. "The first one is healthcare, education, science and human capital, indispensable for any breakthrough. The second one applies to pure production and economy. These are digital economy, robotics development, and so on," the president said.

"Available resources should be found and concentrated on critical development areas," Putin added, responding to a question about implementation of national projects.

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